Server Backup in Windows 2008 Server Standard

Does Windows Server 2008 Standard have the same features like the following:
(1) Backing up "System Image"
(2) Creating a repair disc that can be used to restore "system image" in case a hard drive failure.

Windows 7 comes with the features above and I wonder if I can expect the same from Windows 2008 Server Backup.

The answers to your questions are: yes and yes.
With server backup you can take image of the server. And create the boot CD to restore from this image later.
Also the restore can be done via the installation DVD of Windows 2008 - repair.

Capture your entire system, including the host, with patented disk imaging integrated with VMware VADP / Microsoft VSS and RCT. RTOs is as low as 15 seconds with Acronis Active Restore™. You can enjoy unlimited P2V/V2V migrations from any source (even from a different hypervisor)

During backup setup process, I saw "System State" option along with the drives to backup.
So I can backup the image.
But I noticed that I did not have the option to backup to "network shared folder". Is that the case with Windows 2008 Standard? Do you have to have a local USB HD?

When I restore the entire HD image from the backup, how do I do that?
It seems Windows 2008 server OS does not have an option to create "Recovery Disc".
Do I need to insert Windows 2008 Server CD in order to see "Restore Image" option like SBS2011?

If you backup entire HDD then you boot from Windows 2008 Server DVD and select Recovery - then select Restore from backup and point to the backup image. It detects itself what kind of image it is and restores it as is.
If you want it more simple and flexible then look on third party backup & recovery tools. They are much simpler to use.
Something like Paragon Hard Disk Manager Server Basic ver.14: https://www.paragon-software.de/small-business/hdm-business/
You get here all features you need.

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